Marketing Mix: Product, Place, Price, Promotion

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The marketing mix describes the elements which can be reviewed and considered to create a successful combination of the right product, right place, the right price, and right promotion. These four elements are adjusted until the ideal combination is found so that both company objectives and customers’ needs are satisfied. The traditional marketing mix consists of the four Ps (price, place, product, and promotion) but can be extended to the 7Ps to encompass service aspects by including people, processes and physical evidence.